Bitcoin Forum

The concept will stay but BTC specifically will be replaced "by better stuff", I should sell before new year because the price will keep declining and there won't be any more bubbles. She has no idea there are other coins or better coins.

I have this information since spring this year, don't ask me for proof as I won't give any. Don't ask why she didn't tell me to buy it in 2010 either - she never did, I got involved myself and asked her what she thinks. I doubted but certain other things in my life followed the prediction to the letter and based on that I turned extremely bearish.

We can revisit this after new year, I'm serious and not trolling.

You don't need to be psychic to realise that Bitcoin may not be the dominant crypto in the distant future.

As for no more bubbles... she is wrong I am afraid.

Source: my Gran.

I am not sure of bubbles, but i am positive, that BTC will be in some point of time worth more then $400
Also there is 0.01% chances, BTC will be dominant crypto for next 100 years.

Ask your mom where the bottom is lmao  :D

And flame her for not telling you about btc when it was 1-10 cent each LoL

Well her initial statement was "sell or you'll lose it". Lose, how the fuck? I'm very careful, using encrypted containers backed up to multiple locations all under linux distro with wallets compiled from source, how the fuck will I lose it? If it's not me losing it, then will it fail? But BTC doesn't revolve around me, there are millions pumped into it, ecosystem being built, startups being launched, it's too big to fail?

"The concept will remain but it will be replaced with better stuff, you have to sell this year if you want something out of this". There won't be any specific numbers, it's kinda abstract, she's using lenormand cards, they don't give numbers but concepts that psychics can read. The concepts are abstract but not to the point that could be dismissed. For example, she told me the hair, eye color and profession of my new girl before I even mentioned her. Other things too.

Take of this what you will, I just had some wine and thought I'd let this one out. I'll be selling 90% holdings this month, if I lose out on a next major spike so be it, but I'm positive about the validity of this now.

The price will be over $27483 by march 2015. The Ghost of Julius Caesar told me.

If you really trust your mother then you will short BTC, otherwise you are just scared and bullshiting by worthless mothers words (no mother wants for her son te be in some risky things she doesn't know shit about).

The chance of another cryptocurrency replacing bitcoin is negligible. By saying it's negligible, I mean it won't happen. The chances are pretty much zero at this point. It doesn't matter if someone comes out with something better. This happens all the time with all kinds of products. Inferior products that get to market first and get a huge amount of momentum will run the better, smaller products out of business.

Bitcoin is only used by a small number of people. However, it has been adopted by several very large companies in its recent history. Alt coins are used by waaayyyyy fewer people and can't really be spent anywhere. Hardly anybody outside of this community has even heard of any alt coins. They aren't going to overtake bitcoin unless there turns out to be some horrible exploit in the bitcoin protocol and the entire currency fails suddenly.

Nope

Bitcoin only has 500,000 to 2 million users.  While the internet back in 1989 had more users.  Dot.com in the late 1990s had around 130 million.  Paypal today has around 150 million users.

Bitcoin is small fish (not even that it's more like plankton) and doesn't have any holding power and doesn't seem to be expanding its' userbase anymore, despite the good concept.  

IMHO - the future is the 2.0 crypto currencies with strong communities and good distribution.  The first one to gain any momentum (it's only a matter of time) will shoot past Bitcoin's small userbase.

if you want to compare bitcoin with the internet then we are at 1994/95 right now - the internet had around 5 million users at that time.

the big bang is still to come

Uuuuuumm nope

You understand the concept of network effect right? Maybe not. And all the 2.0 talk? Well I recommend you read up on Open Transactions which effectively takes care of all of that while incorporating Bitcoin. Done and done.

Invested miners will make sure bitcoin remains the dominant crypto, unless their miners can mine the new crypto. If that is the case there is no benefit in the new crypto.

About the no more bubbles... the ETF alone will cause a bubble.

How correct is your mother on her psychic thoughts? If she was right a majority of the time you would be so rich as to not even have to worry about bitcoin, and probably wouldn't bat an eye at it.

First of all, I would like to see the source of your statistics here but either way, they are meaningless dude... how is the internet analogy even remotely relevant here? Did the internet beat out some other larger competitor in 1990s? The analogy doesn't work. The Dot.com and Paypal statistics are also irrelevant.

Your point seems to be that because bitcoin has very few users, it can be easily overtaken by a better cryptocurrency. You fail to realize two points here though:

1.) The investment in bitcoin by several multi-billion dollar companies gives it a huge amount of momentum. Furthermore, the fact that you can buy almost anything with bitcoin now on the internet gives it a huge amount of momentum. I had to buy something from Newegg.com the other day and didn't even realize that they take bitcoin until I went to check out, so I ended up just paying in bitcoin. You can't spend alt coins anywhere, and therefore their only purpose at the moment is to trade for a profit.

2.) The reason bitcoin isn't that popular is because cryptocurrencies in general are not that popular. As they start to become more popular, do you think people are going to jump onto the coins that nobody uses? People aren't going to go online and do research and find out what coin has the most robust security protocol or anything like that - they are going to choose the one that is most popular and that they can use the most easily. There are tons of bitcoin companies popping up everywhere and making the currency easy for everyone to use. This is not the case for any other coins.

Like I said, unless bitcoin suddenly fails for some unexpected reason (and by suddenly, I mean over the course of like one day or less), no other cryptocurrency is going to overtake it. This kind of thing doesn't happen slowly - it happens suddenly at once or it doesn't happen at all. Nobody wants to invest in a currency that nobody uses and can't be spent anywhere (except for people trying to turn a quick profit).

I think its more realistic to compare internet DOMAIN growth data:

http://www.zakon.org/robert/internet/timeline/Count_Domains.gif

Internet users statistic is not as meaningful in practical terms. They typically aren't contributing anything, especially in the early days of the WWW. Domains is a better real world metric to see how the business side of things is growing. It takes capital to launch and develop a domain. As does owning bitcoin.

Let's also look at number of bitcoin transactions per day. That is also a more useful statistic than number of users:

https://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= (https://blockchain.info/charts/n-transactions?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=)

Looks healthy to me.

My favorite part of the post.  Cant...  stop...  laughing!!!!

Bitcoin will gain value over time, paypal accepting btc should be a strong push to btc value, as i has much more users.

 :D

Shorting might be a great advise now. Please don't try to prove to me the bright future of BTC by saying things like ETF/Paypal adoption or that no other altcoins can take over. I'm well aware of these wishful arguments from here or r/bitcoinmarkets.

I'll just say that it doesn't have to be an altcoin to take over - people don't care about decentralized, they want least pain with max outcome. How many of you host your own email rather than letting google do the thing? How many use facebook connect? You know what.. "you" are not even a good representative group of the population, it's clear BTC has reached it's full potential from nerds alone.

We need joe sixpacks and computer illiterate people. And by computer illiterate people I'm saying people that pay to get their windows re-installed every 6 months because it "gets slow" or people who call their ISP about broken internet link just because they accidentally dragged the IE icon to trash bin. Why would they care about BTC technicals (arguably hard to grasp and use securely even for IT professionals) and not convenience alone?

The moment Apple, Google or Facebook launches a convenient, safe and quick value transfer system BTC will bite the dust. And no, these companies are not crazy to adopt BTC - it has a muddy PR image due to massive scams like gox, no "founder" and thousands of early adopters still silently waiting for their exit. I've seen people showing screens of their MtGox accounts with thousands of coins (could be fake, but whatever) because they lost it and can no longer do anything about it, there are certainly many people with thousands of coins lucky/smart enough not to have kept it in that childish exchange. They alone can crash the economy, I won't even touch the mining/inflation that is taking place.

ETF is still vaporware, just another day for the bulls to fix on. Many dates have passed this year with no positive impact already because things like that don't drive consumer (not company) adoption. Joe sixpacks have to have a genuine need for this or be told they need it by their peers. ETF will certainly not change that.

Look how poor an investment was BTC this year - a constant slide down after gox wrap up and scam news. I would not recommend anyone put in their money unless I wanted to lose a friend.

ok now we went from a psychic mom to a scared trollbear, quick transition. yeah, general population will never understand bitcoin or run to it with arms open, nobody ever expected this. people will use what's more convenient, and bitcoin gives the opportunity to create something far beyond anything apple, google or facebook could ever possibly create - a truly world-wide, cheap, free and unrigged financial system, where actual people have control over their money.

why would people want it, when it is ready? how many people would live in their own apartment instead of barracks? what about an apartment that guaranteed to be yours and only yours no matter which government is in power? as soon as that idea sinks in, there will be no coming back to banks.

you are just one of short term speculators here who really can not see out of the box. it is ok, it's just not your time yet. come back to bitcoin in 5 years when there will be no understanding to be done and you will see the results.

I think you are the troll here buddy. Quick, cover your eyes and ears before logic and arguments penetrate your brain.

Agree

Paypal integrating bitcoin as justification for future success and price rises is wishful thinking? Not sure I agree with you there.

Of course crypto 2.0 coin could rise up and win the race. But as it stands bitcoin has a huge first mover advantage, huge network effect advantage and is the only crypto being built into internet payment systems globally.  It may fail but its upside potential are undeniable.

To say it has reached its potential as we are on the cusp of going mainstream, with huge VC infrastructure investment ongoing, suggests you either sold already or cannot handle the volatility of a long term bull market.

Yawn.. guys, just go take a read through his previous posts (via his profile) and his agenda will be clear as day.

Don't feed the trolls.

If his mother was psychic, he wouldn't need to be this vested.

AltaVista had first mover advantage against Google, MySpace had first mover advantage against Facebook. Nokia had first mover advantage against iPhone. I see that everyone here believes what they want to believe and opinions catering to personal biases are favored, others dismissed.

I won't post here again. I have no agenda, just posted the message. Do what ever the fuck you want.

Well I would quite like to ask your mum the lottery numbers next week just in case..

Do you even understand that your examples are all services? You can switch to another service in seconds and the cost of doing so is nearly zero. However, ipv4 had a first mover advantage against other packet transfer methods, inclidung vastly superior ipv6. That is the analogy that anybody who understands anything about bitcoin would make. You don't, so really, just go somewhere for 5 years.

Why it wouldn't be the dominant crypto in the distant future, tho?
What is Bitcoin doing wrong that another coin would do better?
Thats what should be asking, not some psychic stuff.

Any good features in an altcoin could be quickly implemented in bitcoin as well...

The first mover advantage would make sense in context if Bitcoin had large numbers of users.  Bitcoin is only estimated to have 500K-2M users..

I would be singing a different tune if Bitcoin had 10 or 20 million users but doesn't.  Bitcoin pioneered the initial innovation but the torch is slowly being passed to the 2.0 coins.

It is the underlying bitcoin network that gives bitcoin its network effect not simply the number of users. No altcoin is currently even close.

This is an empty statement. Provide some relevant numbers or at least some kind of logic to justify your opinion.

I must be psychic too, because I concur (https://bitcointalk.org/index.php?topic=766406.0) :)


The best analogy I can think of is: Bitcoin is like UUCP (https://en.wikipedia.org/wiki/UUCP), which was invented in 1978 and was actively used for 20 years, then when TCP/IP Internet got popular, UUCP usage dropped, but one of the last legacy UUCP services was shut down only in 2012, although very few people used it since 2000.

Bitcoin now is like UUCP in 1994 when PPP connection protocol was standardized. It can still grow, but not at its prior rate, and new emerging protocols and technologies are on the rise to make it obsolete within a few years. Or even faster than that, as the time it takes to develop technologies has contracted, as numerous examples of late show.

How about this analogy?

What do any of the newer alt coins do that bitcoin does not? What evidence do you have that any alt coins whatsoever are gaining ground on bitcoin? I guess half a billion dollars of VC funding didn't get the memo :). Anyway bitcoin isn't even the first electronic cash system to exist.

I am not so much referring to altcoins, as to crypto 2.0 technologies, which are much more than coins. They do quite a lot, you should do your own research and try them, I can't tell you. For one, it would be considered pumping by some, but also, you need to actually experience yourself, as well as look for evidence. I have plenty of evidence, but again, don't want to pump any certain technology here.

VCs can be biased or make mistakes, like any other human beings. If you google the stats, you will learn that most of the ventures VC invest into fail, very few of the ventures succeed, which hopefully compensate for the losses in failed ventures.

It has nothing to do with being better. The Crypto community can't even reach consensus on what units to use for smaller amounts of Bitcoin, no sign of bits or millibits or whatever gaining any transaction in the industry. In what situation do you see coinbase, circle, bitpay, bitstamp etc all replacing Bitcoin with an altcoin, how would they all reach consensus on one of the 100s out there. How long would it take? what percentage of Bitcoins market cap would this other coin have to have for this to even be considered, I reckon it would have to have exceeded it.

If that's your fear, just hodl Bitcoin. If any other coin gets to 1/4 market cap of Bitcoin move 1/4 of your Bitcoin worth into it and you'll have as much of that as you did of Bitcoin. Something like this would take months if not years to happen, you'll have plenty of time to switch and it's a stupid reason not to hodl Bitcoin now.

In other words you don't know of any alts with meaningful new qualities.

I do. Check my posts history if you're interested.

You should rather get job as a physic, if you inherited some gift from your mother, then as troll.

Weren't you listening? He doesn't have an agenda!

This thread...now I have seen it all  ;D

Little better, but still misses the point. UUCP to TCP/IP is like Mastercoin is to Bitcoin - a higher level file exchange protocol on top of IP, replaced by FTP or bittorrent now. The underlying protocol, the one whose packets all routers are passing around, did never change and is being painfully upgraded for like 20 years now to overcome deadly limitations in the original implementation. Because infrastructure made tons of assumptions about tcp.ip, much like alot of assumptions about Bitcoin being the main crypto has been already made and are added daily. With each passing day it is less and less likely that bitcoin will ever be replaced by something else.

It will be extended (because it is quite extendable), modified, sure. But the bitcoin blockchain is here to stay and be the main point of reference for a trusted ledger, deal with it.

He obviously did not inherit his mother's gift. This guy predicted black coin would never hit 25 cents.

http://s18.postimg.org/fnedwlajd/blackcoin2.png

https://bitcointalk.org/index.php?topic=469640.msg5429487#msg5429487

worldcoinindex shows its ATH was above 25 cents.

http://s2.postimg.org/gpyini57t/blackcoin3.png

http://www.worldcoinindex.com/coin/Blackcoin

My Aunt is psychic also and she said this is the best investment i could make...
So one of them is not a real psychic i guess...

I do hope your aunt is correct  ;D

Psychic's aside, I would imagine that they used the same tools we use to perceive a possible outcome, only difference is that psychics feel urged to state their opinions to everyone else and will use confirmation bias to justify their so called esp.

BTW I just noticed i was referenced on Boondocks  as a 'freelance honey badger'  FTW!!!! If that's not a signal to buy more btc I don't know what is. 

One of the problems with Bitcoin might well prove to be a miscalibrated rate of release of mined BTC into Bitcoin wallets. We already have about half of all Bitcoins mined, waaaaayyy before anything like a viable Bitcoin economy has had the chance to establish itself, yet we have had an astronomical price boom which has been based largely upon hoarding. Now the air is coming out of this price boom, and still 95% of all Bitcoins in existence are hoarded and are not in regular circulation.

Anyone with any kind of financial noose can by now hear the air pissing out of the Bitcoin balloon and they will also be aware of the mass of coins out there which have been purchased or mined at a fraction of the cost of even today's greatly diminished spot price. Anyone buying into Bitcoin now, does so with a huge risk of having their investment rendered as a tax to the early adopters.

On the otherhand, the number of ways in which Bitcoin can be used as a means of payment is spreading like wildfire, although the motivation for people to pay with Bitcoin isn't that great. I have been using Bitcoins since 2011. I used them because I needed to use them to buy shit on Silk Road. Thus I had a motivation and therefore I am a part of the tiny percentage of the world's population who has experience of using Bitcoin. Recently, I bought some computer hardware using Bitcoin. I didn't need to use Bitcoin but I done so simply to experience how the process ran. Aside from the inconveniance of having to buy the coins from the exchange and wait over 1 hour for the transaction to clear, which resulted in my order being auto-cancelled, which meant I had to contact Scan.co.uk's customer support to get the order reactivated and matched up with the Bitcoin transaction which was now out of my control, the transaction was 'successful'. I used Bitcoin to get what I wanted and the retailer got what they wanted. Everyone was happy, except things would have just been so much simpler had I just used debit/card payment. For the average punter, Bitcoin offers absolutely no advantages as a means of exchange over conventional banking methods and lots of inconveniences and extra expenses such as the hassle and fees involved with buying the Bitcoins to begin with, bitpay fees (yes, my goods cost me slightly more due to apying with Bitcoin), and then the prospect of the thigns being totally out of the buyers hands should a little 'mishap' occur in the transaction. Once the Bitcoins are gone, they are gone, whilst the goods or services are still to be made good on.

I conclude that outwith black market transactions, the only scenario in which a normal Joe may want to hold a stash of Bitcoins for making purchases with (lets face it, nobody is going to transfer funds to exchange, to buy Bitcoins, to make a transaction which could have been more readily and less expensively made through convential banking), would be if Bitcoin was going to slowly but steadily increse in value. Unfortunately, the opposite is proving to be true and the only thing that can save Bitcoin's market value is an increase in demand. Of course, a decrease in supply could also have the same effect but with something like an estimated 95% of all Bitcoins being classified as 'hoarded', and with the price gradually sliding south, I would suggest that supply is already limited to an extreme. Thus Bitcoin needs to get a large injection of capital from somewhere. I hear everyone pronounce 'the hedge funds will not only save Bitcoin, but propel it into the stratosphere'. Problem with that is that any large volume of capital taking a bite into the Bitcoin market is taking a bite into massive overextended glut of withheld supply. How did things work out for the venture capitalist who bought the Silk Road coins at $800 per pop, for example?

Perhaps the key ingredients for a better Bitcoin 2.0 might be

*Instant transactions

*Requiring far less computational power to support P2P network

*Much better balancing of mining rate, user adoption, and propagation of means of actually spending the damn things (and this is always going to be by far the trickiest factor to get right)

As it stands, the Bitcoin universe has been flooded with more than half of all Bitcoins that will ever exist. Despite an out and out scarcity of places in which Bitcoin adopters can actually spend their coins, we have had an enormous speculative bubble, which relied heavily on hoarding in addition to a manic rush to get on board the 'next big thing before it's too late', and in all likelihood, the price bubble also greatly relied upon fraudulent trading over at Gox, where many many Bitcoiners ended up getting burned. As a result of the precipitious acceleration of Bitcoin spot price, their was also a 'bubble' in the Bitcoin mining race. These miners however, whose computational power is vital to support the Bitcoin p2p network, need prices of around $400 I believe in order for their operations to be profitable and hence worthwhile.

I suspect that the strong likelihood is, that Bitcoin will go down in history as the harbinger of new era of monetary transactions, but will also ultimately fall foul of its own fundemantel miscalibrations in terms of requiring far too much expensive computational power and releasing too many 'units', too quickly, before a viable economy could get a chance to develop, which resulted in Bitcoin becoming a victim of the vampire known as rampant speculation.

If we had the level of Bitcoin adoption that we have today in terms of the amount of retailers willing to accept Bitcoin as a means of payment (albeit with the unit of account being in dollars, pounds, euros, etc), back in early 2012; when Bitcoin was still 'cheap', had bottomed out, and was slowly rising in value; then Bitcoin itself may well have gone on to be 'the one'. I will state again, the only conditions which would be conducive for an actual adoption of Bitcoin into the 'real economy', would be conditions where Bitcoin was slowly and steadily increasing in value. Only under these conditions would the average Joe (or anyone else for that matter) have a good reason to hold a stash of Bitcoins for making online purchases.

As things stand, I suspect the free market is going to respond to Bitcoin by stating:

"Great idea with a few fundamental flaws that are needing ironed out. Back to the drawing board with you!"

a) I'm not sure you understand what is bitcoin, how it works and you can be strong bitcoin investor.
b) I'm not sure you can make money by trading bitcoin

- conclusion -> bitcoin is not for you.

Edit:
 but you are welcome ( as I told time ago)

and if you understand Bitcoin so well, and you are so good at trading it.....

.......why does Bitcoin keep going down, when you keep saying that it is going up?

Might the case not be, that you are simply just another clueless cunt, with no more than an average level of intelligence, that has swallowed the Kool-Aid and hence has suffered the delusion of actually thinking he is smart?

Edit: but you are welcome.

NP :-), I'm sinking with the ship (the idea is worth it, ... profit too)

i see light in the dark, that is a really good explanation!

Mister contrarian indicator is back. Time to buy.

Welcome back Mat,

could you tell us if you bought or sold?  ;)

I know, you know, that I'm not telling the truth.
I know, you know, they just don't have any proof.
...

Sold fucking yonks ago in mid 500s m8, and have absolutely no inclination to buy any more Bitcoins for any reasons that go beyond Silk Road.

I am about to buy myself over £1K of PC equipment. The two e-tailers from which I am most likely to purchase from both accept Bitcoin as a means of payment. I have made just one 'legit' market purchase using Bitcoin. I done it just to see how it ran. The conclusion was that Bitcoin was both more slightly more expensive, and a much bigger pain in the arse than it would have been had I simply just paid with VISA. And since I had (and still do have) some bucks on Bitstamp, I never had the expense or the hassles of getting my fiat turned into Bitcoins in the first place.

Despite the greatly increasing number of outlets that are accepting Bitcoin as a means of settling accounts denominated in FIAT, Bitcoin just isn't offering any valuable utlility to the average Joe, or even to someone who is 'initiated' into the world of Bitcoin, such as myself. The only people who will make a point of using Bitcoin to make clear market transactions will be 'supporters' of the technology, but as we know, there are very few of those on that grander scheme of things and a bear market will ensure that they become even less in number.

For Bitcoin to make sense to anyone for use as the means of making payment it was intended to be, it would have to be both relatively stable in price, and also increasing in value. That way, someone looking to make £1K of tech purchases in the near future might be tempted, to stock up on Bitcoins knowing that:

A) If they do lose nominal value, it won't be much

B) It would be far more likely that the BTC increase in value in the time between buying them and spending them.


Any other state of affairs out with the above conditions are not conducive for Bitcoin being used as a means of settling accounts in the legit real world economy. Instead of the above, we had a stupendous specualtive bubble, and are now in the middle of a brutal correction and are almost certainly no where near the moment of final capitulation.


As a means of buying drugs on the internet, Bitcoin is great. Beyond that, Bitcoin is toxic shit.

If your mother has declared herself a "psychic"....then your mother is a fraud.

Nothing more disgusting than these pieces of shit sociopathic frauds like the "Long Island Medium"...they should all be in jail.

OP:

I think the bigger possibility is that psychic or not, she's still your mom, and she's heard all the FUD just like everyone else, and ... just like everyone else ... would advise you to sell and invest in something less risky.   Big possibility she's just stating her opinion right now.  Not being psychic at all.   Moms do that  "to protect their kids".

-B-

Tuned out here.   IQ too low to listen to him further.

-B-

Naw, today is just Drug Sunday. That's how he didn't become a millionaire you know, spent his single digit coins on drugs.

Never be over optimistic or pessimistic with such only "math" stuff.

Say Ibian, how your 100% all-in Bitcoin investment working out for ya?

Are you still net $800 per BTC, or have ya been taking advantage of the nose-dive back to the low treble digits in order to lower yer cost average?

Nothing has changed. Still buying.